Mileage vs Actual Expenses for a Vehicle
We crunched the numbers, and over the life of the vehicle, one method can create $30,000 more in deductions than the other. Depending on your tax bracket and entity type, this can mean $10,000 less in taxes you have to pay, so it’s worth getting this right. Want to make sure you’re not losing $10,000 in tax savings on your business? These five things will help you know if you should take mileage or have your business own a vehicle. The actual calculations can be complex, but